Street.Com – The NABE survey of 105 forecasters was taken Dec. 17 through Jan. 8. In the survey, 52% said they expected gross domestic product to fall by more than 1% this year. GDP measures the value of all goods and services produced within the U.S. and is the best barometer of the country’s economic fitness. The last time GDP fell for a full year was in 1991, a tiny 0.2% dip. The economy shrank by 1.9% in 1982, when the country was suffering through a severe recession.
Forecasters have grown more pessimistic about the outlook. In the October survey, no forecaster thought GDP would fall by more than 1%.